Over 2,000 have signed up for this free webinar on March 24 at 7 pm ET: How to protect yourself, your biz, your real estate investments as well as clients, employees, suppliers, guests, residents, tenants… in a time of Covid-19
Listen as 20-experts give their views and take questions…
Prof Bruce is one of the presenters.
GREAT DEPRESSION ECONOMIC CONTRACTION: INDUSTRIAL PRODUCTION DROPPED BY OVER 40% IN US, CANADA AND GERMANY BETWEEN 1929 AND 1933
China feeling pain first — and most brutally — GDP growth declines to -40% in first quarter
Canada can expect similar results: 3-months and 40% decline in GDP
Severity of Great Depression in US becomes clear when compared with America’s next worst recession, Great Recession of 2007–09, during which nation’s real GDP declined just 4.3%
Canada up to the job…
Parents and grandparents coped with:
Cold War & potential nuclear Armageddon
“Tenant rescue package”
(For both commercial & residential portfolios)
1. On case by case basis, tenants get… reduction in rent (by half or more) for three months followed by six to nine months of higher payments to catch up
2. Results in good reputation for landlord + loyal tenants who stay longer reducing tenant churn and, as a result, landlord make-ready costs and vacancies, crucial to longterm portfolio profitability
Colonnade BridgePort provides dental practice with full rent deferral until crisis passes
Make your clients more successful to make yourself more successful…
Tenants can now pay rent with credit card and earn points (Randy Irwin)
Credit card company sends landlord rent via e-transfer so landlord doesn’t pay any card fees…
Get Digs, venture from RBC Ventures Inc, subsidiary
of the Royal Bank of Canada (RBC)
Team behind Get Digs made up of renters who know first-hand how frustrating and inconvenient paying rent can be
BALANCE YOUR RISKS, REDUCE YOUR COSTS TOO
Ask lenders for mortgage deferrals
Stock up on….
Prompt Financial up to $40k, 8.99% and some fees too
Home Trust HELOC
Your mortgage broker really is your… CFO, chief financial officer
Offer free stuff?
~ BOOKS ~
~ WEBINARS ~
~ VIDEO TUTORIALS ~
Keep selling but offer terms, buy now, pay later… but be sensitive to the room
Freeze or reduce spending including paying suppliers and tax payments (but call the tax office!)
Interest rates decreasing
Buy when everyone else is selling…
Historic buying opportunity?
New homes in south Florida in 2007: $875,000 USD
Bought two on same street in 2009/10: $350,000 (both from one seller in foreclosure)
Sold one in 2016 for: $850,000
Kept the other one, free and clear
What will the future bring now?
Add to landlord income via?
Home micro retail
Backyard storage sheds
Add to tenant income via?
Augmented tenancies [com and res]
Home based nail bar or in-home elder care
Physio practice or registered massage therapy
Yoga studio or hair salon
Esty crafter, craft store, craft teacher
Tutoring or bookkeeping office
Storefront law office/real estate office
IT service & repair
Less need for office and retail space, more mixed use, just add microsuites…
FOR REAL ESTATE INVESTMENT AND BUSINESS COACHING THAT’LL HELP YOU PROVIDE FOR YOURSELF AND YOUR FAMILY FOR 3-GENERATIONS, PLEASE CONTACT:
BOOK YOUR FREE CLARITY CALL WITH PROF BRUCE NOW, https://brucemfirestone.com/coaching/prof-bruce-real-estate-investment-and-business-coaching/talk/
• MAKING IMPOSSIBLE POSSIBLE
• FREEDOM VIA REAL ESTATE INVESTMENT AND PB4L, PERSONAL BUSINESS FOR LIFE
• FEHAJ, FOR EVERY HOME A JOB, FEJAH, FOR EVERY JOB A HOME
• MAKE YOUR HOME WORK FOR YOU, INSTEAD OF YOU WORKING FOR IT
• HIGHER ROI NOT JUST FOR OWNERS AND INVESTORS, BUT FOR TENANTS, GUESTS, VISITORS, NEIGHBORHOODS, COMMUNITIES, TOWNS, VILLAGES, CITIES AND THE ENVIRONMENT TOO
Image source: Henrique Alvim Corrêa – Wells, H.G. War of the Worlds (1906, French ed.), Public Domain, https://commons.wikimedia.org/w/index.php?curid=1567389
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